{
  "title": "United States: Staff Report for the 2011 Article IV Consultation",
  "publication": "IMF Staff Country Reports, July 25, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/united-states-staff-report-for-the-2011-article-iv-consultation-25080",
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  "summary": "The U.S. economy continues to recover at a modest pace, in line with international experience following severe financial crises. The key priority for fiscal policy is to stabilize the debt ratio and gradually reduce it.",
  "publishDate": "2011-07-25",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- The U.S. economy continues to recover at a modest pace, in line with international experience following severe financial crises.\n- The key priority for fiscal policy is to stabilize the debt ratio and gradually reduce it.\n- Executive Directors recommend policy efforts to ease the adjustment of the housing and labor markets.\n- Strengthening the domestic and international crisis-prevention architecture for financial institutions should be a priority.\n- A multilateral approach to economic policy management is critical."
    },
    {
      "heading": "Macroeconomic outlook",
      "content": "- Recovery described as \"modest\" and consistent with patterns following severe financial crises.\n- Emphasis on aligning policy responses with international experience."
    },
    {
      "heading": "Fiscal policy priorities",
      "content": "- Stabilize the debt ratio.\n- Gradually reduce the debt ratio over the medium term.\n- The fiscal framework should include an endorsement of the main medium-term fiscal objectives."
    },
    {
      "heading": "Housing and labor markets",
      "content": "- Policy efforts recommended to ease the adjustment of the housing market.\n- Policy efforts recommended to ease the adjustment of the labor market."
    },
    {
      "heading": "Financial sector and crisis prevention",
      "content": "- Strengthen the domestic crisis-prevention architecture for financial institutions.\n- Strengthen the international crisis-prevention architecture for financial institutions."
    },
    {
      "heading": "Policy approach and governance",
      "content": "- Endorsement of medium-term fiscal objectives as part of the fiscal framework.\n- A multilateral approach to economic policy management is emphasized as critical.\n\nUnited States: Staff Report for the 2011 Article IV Consultation, IMF Staff Country Reports 2011, 201 (July 25, 2011).\n\n---\n\n Content in this bundle\n\n- United States: 2011 Article IV Consultation -- Staff Report; IMF Country Report 11/201; July 7, 2011\n  - United States: 2011 Article IV Consultation -- Staff Report; IMF Country Report 11/201; July 7, 2011 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - United States: 2011 Article IV Consultation -- Staff Report; IMF Country Report 11/201; July 7, 2011 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/united-states-staff-report-for-the-2011-article-iv-consultation-25080"
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    "Published: July 25, 2011",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781462317363.002",
    "The U.S. economy continues to recover at a modest pace, in line with international experience following severe financial crises.",
    "The key priority for fiscal policy is to stabilize the debt ratio and gradually reduce it.",
    "Executive Directors recommend policy efforts to ease the adjustment of the housing and labor markets.",
    "Strengthening the domestic and international crisis-prevention architecture for financial institutions should be a priority.",
    "A multilateral approach to economic policy management is critical.",
    "Recovery described as \"modest\" and consistent with patterns following severe financial crises.",
    "Emphasis on aligning policy responses with international experience.",
    "Stabilize the debt ratio.",
    "Gradually reduce the debt ratio over the medium term.",
    "The fiscal framework should include an endorsement of the main medium-term fiscal objectives.",
    "Policy efforts recommended to ease the adjustment of the housing market.",
    "Policy efforts recommended to ease the adjustment of the labor market.",
    "Strengthen the domestic crisis-prevention architecture for financial institutions.",
    "Strengthen the international crisis-prevention architecture for financial institutions.",
    "Endorsement of medium-term fiscal objectives as part of the fiscal framework.",
    "A multilateral approach to economic policy management is emphasized as critical.",
    "**United States: 2011 Article IV Consultation -- Staff Report; IMF Country Report 11/201; July 7, 2011**"
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